Top Stories This Week: Gold Nears US$1,900, Silver’s US$50 Future
Catch up and get informed with this week’s content highlights from Charlotte McLeod, our editorial director.
Gold kept market participants happy this week as it continued to move up, rising as high as the US$1,890 per ounce level before pulling back.
The yellow metal remains below its January high point of about US$1,950, but its upward momentum in May has been encouraging for investors.
He expects to see gold rise significantly in the next year or two, and suggested a potential price target of US$2,860. Gareth noted that while cryptocurrencies have taken some attention away from precious metals this year, ultimately he thinks they will benefit as more young people diversify away from dollars.
“You have gold replicating to basically the tee exactly what it did the last time it broke above its high. It pushed through, then it pulled back … and then it just started to zoom higher — and that’s what I think will actually happen to gold” — Gareth Soloway, InTheMoneyStocks.com
With gold in mind, we asked our Twitter followers this week when they think the yellow metal will move back above the US$1,900 mark again. By the time the poll closed, respondents were split — an equal number of people chose “this week” and “this month.”
Looking at the wider precious metals space, I had the chance to speak with Nick Barisheff of BMG Group for an update on the silver price. Silver remains below US$30 per ounce despite increased attention this year from retail purchasers eager to snap up physical metal.
“I think the US$50 price is more realistic … it’s not a theoretical ask price — people are buying coins and so on at that price. So as time goes on, it’s a good area to monitor for what the real physical price is” — Nick Barisheff, BMG Group
Nick, who is also the author of the book “10,000 Gold,” believes market manipulation is one reason prices for silver as well as gold aren’t higher. But, he said, “any kind of manipulation ultimately fails” in the end.
We’re going to close out this week with the psychedelics sector, which continues to attract attention from investors. INN’s Bryan Mc Govern spoke with Steve Hawkins of Horizons ETFs, whose company launched the first psychedelics-focused exchange-traded fund at the beginning of this year.
The fund is called the Horizons Psychedelic Stock Index ETF (NEO:PSYK), and Steve gave a recap of how it has performed since its debut, saying that it’s experienced some volatility.
“We’re still very excited about what psychedelics can do and the effect it can have on our entire social ecosystem with respect to curing people or helping people with their mental illnesses” — Steve Hawkins, Horizons ETFs
While he is optimistic about psychedelics, he pointed out that as a new industry it’s bound to have ups and downs and can still be moved fairly easily by individual announcements. For example, news of Mind Medicine’s (NASDAQ:MNMD,NEO:MMED) NASDAQ uplisting recently gave the space some momentum.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.